this is what i'm thinking now regarding btc over the summer
Luna: i don't want to talk about it, everyone talks about it, but i will say if this was the main catalyst for us to reach this level(i'm obviously taking into account the spx and the general market moving in the same direction) then the forced seller is out of the market for now and that could be cause for a rally, which if you've gotten used to shorting for a while, you might want to take this one seriously so you don't end up giving back too much of your gains.
Taking into account the levels Cobie talked about that are nearest to us, I feel like it's a good guess and I wouldn't add anything to it. We go to 33k, pivot at 30k and then go for a dead cat bounce that i wouldn't care to call the top of, but there are some numbers that i think could be reached, 36k being the most obvious, 37.5k and around 40-42k for the more enthusiastic ones amongst us. That would all abruptly lead us to a bottom of the cycle. Again, I wouldn't dare to call bottom but I will be looking to open longs and add spot to long term holdings in the range of 19-22k.
I am also taking into account that this could play out over a longer stretch of time, in this chart I am considering a bottom around july-august, but that definitely could be stretched out even into next year, depending on whether the volume and interest in the market evaporates during the summer.
Short term bullish, medium term bearish, long term bullish.
Taking into account the levels Cobie talked about that are nearest to us, I feel like it's a good guess and I wouldn't add anything to it. We go to 33k, pivot at 30k and then go for a dead cat bounce that i wouldn't care to call the top of, but there are some numbers that i think could be reached, 36k being the most obvious, 37.5k and around 40-42k for the more enthusiastic ones amongst us. That would all abruptly lead us to a bottom of the cycle. Again, I wouldn't dare to call bottom but I will be looking to open longs and add spot to long term holdings in the range of 19-22k.
I am also taking into account that this could play out over a longer stretch of time, in this chart I am considering a bottom around july-august, but that definitely could be stretched out even into next year, depending on whether the volume and interest in the market evaporates during the summer.
Short term bullish, medium term bearish, long term bullish.
Comment:
Well the move up has finally begun after all this chop, let's see if it's a nothing burger or this is the real move. Took some off around these levels, 36-37k would be next area of interest.
Trade closed: stop reached:
No bounce. At this point I'm starting to think longer term and will be spot buying for the foreseeable future.
